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Bitcoin price gears up for another rally after testing $25,000

Bitcoin’s price has bounced up and down over the past few weeks, but the digital asset has finally found its direction. The digital asset tested one of the most coveted spots on Sunday and was unfortunately turned down. But that won’t stop as Bitcoin gears up for another rally towards $25,000.

Bitcoin price of $25,000

After reaching $25,000 on Sunday, Bitcoin’s price fell sharply. This made a break below $24,000 inevitable, but proved to be only a short one.After being pushed back, Bitcoin was able to find support just below $24,000, Using it as a bounce point, he regained strength beyond the technical level.

Even with the drop, it remains well above the 50-day moving average and remains bullish. What this indicates is that Bitcoin is not yet ready to give up its battle at $25,000. Instead, another test of this resistance level is expected to take place on Monday.

This is all happening before US trading hours, so expect another push when this side of the world kicks in trading activity. , showing great strength on the 24-hour chart.

The next resistance for Bitcoin price is currently at $24,765. However, the price could easily breach here as there is not much bearish support at the moment. The main level to beat is still at $25,000.

investors are bullish

Bullish sentiment is growing among investors in cryptocurrencies such as Bitcoin. The same goes for the Fear & Greed Index, which hit a high of 47 on Sunday. Translating this into Bitcoin performance shows that the rally is far from over.

This trend will continue until the index is well into extreme greedy territory before we see a reversal. It could take weeks, and by then Bitcoin will likely be close to $30,000.

it is also seen Exchange Net Flows Last DayBitcoin saw more inflows, but outflows exceeded inflows on Friday, indicating that investors were indeed accumulating digital assets.

If this accumulation trend continues, Bitcoin could gather enough strength to balance well above $25,000. Once this point is crossed, the next key technical level will be $28,000. . This was the low for the 2021 cycle.

Featured image from CNBC, chart from TradingView.com

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Bitcoin price gears up for another rally after testing $25,000

Source link Bitcoin price gears up for another rally after testing $25,000

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